HISTORY 
the ensuing quarter on the 5th of 
January, the surplus of the con- 
solidated fund would exceed the 
£700,000 necessary to complete 
the sum which had been ‘voted. 
The committee therefore would be 
aware, that unless a power were giv- 
en to his majesty’s government to 
apply such further surplus as might 
accrue to the public service, a con- 
siderable sum might remain dead 
and useless inthe exchequer : while 
money must be raised by other 
means to defray the necessary ex- 
penses. He then shortly recapitu- 
Jated the principal measures of 
finance in the year 1802; and ob- 
served, that the unfunded debt in 
exchequer bills and navy debt, 
_ which in Noy, 1801, had amounted 
to upwards of £37,300,000, had 
been reduced to about 19} millions, 
making a reduction of nearly 18 mil- 
lions, which in the course of the 
year had been either funded or paid 
off; Of the remaining sum of 194 
millions, three millions which had 
been advanced by the bank as a 
consideration for the renewal of 
their charter, bore no interest, and 
was not payable till 1806, and 
£900,000 were charged on the an- 
nual taxes of the present year, the 
arrears of which would be sufficient 
to discharge them.  Deducting 
these sums, and £4,500,000 of na- 
vy debt, the remaining exchequer 
“bills scarcely exceeded 11 millions. 
That in order to effect this reduc- 
tion, to provide for the present ser- 
vices of the year on that extensive 
‘scale which the circumstances of 
the state had required, and to re- 
e the country from the pressure 
of the income tax, it had been 
Peary to make provision for 97 
aye, SLY, 
OF EUROPE. 
49 
millions of funded debt; of which 
11 millions arose from the funding 
of exchequer bills, 57% millions 
from the stock charged upon the 
income tax, and about 30 millions 
from the loan of the present year. 
That the charge accruing from so 
large an addition to the funded 
debtamounted to above #3,100,000, 
for which taxes were provided, whic h 
were estimated at four sgilliorh but 
which in the first quarter in which 
they had become productive, had 
brought into the exchequer about 
£900, 000, although scarcely any 
thing had ean received on the ad- 
ditional assessed taxes, which were 
estimated at one million. Adding, 
therefore, one-fourth of this sum to 
that which had been realized, it 
would appear that the produce of 
the taxes of 1802, in the quarter 
ending the 10th of Oct. in’ that 
year, ‘night be estimated at no less 
than £1,170,000, He had the 
satisfaction to state, that so far as 
a judgment could yet be formed, the 
services of the year would be de- 
frayed by the grants of parliament, 
with the single exception of the ex- 
traordinaries of the army. Gentle- 
men would recollect that he had 
expressed his apprehensions in the 
spring that a considerable excess 
would arise on that service, and a 
large addition of expense had un- 
doubtedly been occasioned by the 
detention of our troops upon foreign 
stations longer than had been ex- 
pected. He had reason to believe 
that the excess beyond the sum of 
£1,600,000 provided by parlia- 
ment, would exceed one miilion; 
but he had the consolation of being 
able to state to the committee, that 
the total expense of the extraordi- 
io naries 
